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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FREIGHT
Russian crude STS activity (excluding Kazakh CPC and KEPCO grades) reached 310k b/d in H1 April, up 120k b/d on the month to a 10-month high, according to Vortexa.
- VLCCs have been the driving force behind Urals STS activity. Around 60% of Urals activity in April was from transfers to VLCCs from Aframaxes.
- In 2024 to date, there have been nine VLCCs transferring Russian crude via STS. All nine have been involved in moving either one or both of Iranian and Venezuelan oil. One of these VLCCs is also under US sanctions.
- The return of VLCCs to the Russian trade suggests that there is surplus tonnage in the VLCC segment of the shadow fleet. This tonnage was idled by the previous sanction relief on Venezuelan oil sales.
- Iran’s VLCC fleet has doubled since 2021, with spare capacity switching the moving Russian oil.
- These VLCCs are largely sailing to China, although there have been some exceptions, with one going to Venezuela.
Source: Vortexa
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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